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Companies Act 2014

Application of Parts 1 to 14 to investment companies

1387. (1) The provisions of Parts 1 to 14 apply to an investment company save to the extent that they are—

(a) disapplied to public limited companies by section 1002 ; or

(b) disapplied by subsection (3) or modified by another provision of this Part.

(2) For the purposes of that application, section 10 (1) shall have effect as if it read:

“(1) Unless expressly provided otherwise, a reference in Parts 2 to 14 to a company is a reference to an investment company.”.

(3) In addition to those of them disapplied, as mentioned in subsection (1)(a), the provisions of Parts 1 to 14 specified in the Table to this section shall not apply to an investment company.

(4) The specification in the foregoing Table of a provision (a “specified provision”) of Parts 1 to 14 also operates to disapply to an investment company any other provision of those Parts (notwithstanding that it is not specified in that Table) that makes consequential, incidental or supplemental provision on, or in relation to, the specified provision.

Table

Subject matter

Provision disapplied

Nominal value of shares

Section 66 (1) and (2)(a)

Allotment of shares

Section 69 (3) and (6) to (10)

Allotment of shares

Section 70 (1), (2), (3), (7), (8), (10) and (11)

Payment of shares

Section 71 (2), (3) and (5)

Financial assistance

Section 82

Variation of company capital

Section 83 (3), (4) and (5)

Reduction of company capital

Section 84

Notice to Registrar of certain alterations in share capital

Sections 92 and 93

Restriction on company acquiring its own shares

Sections 102 and 103

Acquisition of own shares

Sections 105 to 107 and 109 to 112

Holding by subsidiary of shares in its holding company

Sections 114 to 116

Restrictions on distribution of profits and assets

Sections 117 to 123

Procedure for declarations, payments, etc. of dividends and other things

Sections 124 and 125

Bonus issues

Section 126

Access to documents during business hours

Section 127

Audit committees

Section 167

Inspection of registers, provision of copies of information in them, etc.

Sections 215 to 217

Directors' compliance statement and related statement

Section 225

Holding of own shares or shares in holding company

Section 320 (1)

Directors' report: acquisition or disposal of own shares

Section 328

Signature of statutory auditor's report to appear on certain copies

Section 337 (4) and (5)(b)

Annual return and documents annexed to it

Chapter 13 of Part 6

Exclusions, exemptions and special arrangements with regard to public disclosure of financial information

Chapter 14 of Part 6

Audit exemption

Chapter 15 of Part 6

Special audit exemption for dormant companies

Chapter 16 of Part 6

Company may be required to contribute to debts of related companies

Section 599